Can your social security benefits now help you secure a home mortgage in Tanzania? The newly introduced Social Security (Use of Members’ Benefit Entitlements as Collateral for Home Mortgage) Regulations, 2024 have created a new opportunity for members of social security schemes to use part of their retirement benefits as collateral for housing loans. The regulations establish important eligibility requirements, limits, and obligations for both members and financial institutions, while also setting out the procedures for enforcement and dispute resolution. This article provides an overview of the new framework and what it means for employees, lenders, and prospective homeowners in Tanzania.
